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View Claim Ledger →Ajax Engineering Ltd — Q3 FY26
Ajax Engineering reported a weak Q3 FY26 with revenue of ₹434 crore, down 20.8% YoY, and EBITDA margin contracting 510 bps to 11%, impacted by a high base, delayed project execution, and customer cash flow constraints.
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Ajax Engineering reported a weak Q3 FY26 with revenue of ₹434 crore, down 20.8% YoY, and EBITDA margin contracting 510 bps to 11%, impacted by a high base, delayed project execution, and customer cash flow constraints. The SLCM segment saw volume decline, though non-SLCM grew 13% YoY and spares & services grew 11%. Management highlighted a demand uptick in January, with market share holding at 78-82%, but expects Q4 volumes to remain below last year's 2,000 units. Pricing improvements are anticipated in FY27 as cost pass-through progresses. Key risk: sustained cash flow issues in large states like Maharashtra and Karnataka could delay recovery.
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Customer cash flow constraints in key states
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SLCM Market Share (Oct-Jan)
78-82%
+3-7pp YoY
Market share improved from ~75% to 78-82% in Oct-Jan, indicating strong product preference.
Udan Sales (FY26 Full Year Estimate)
225-250 units
New product
New smaller SLCM product expected to sell 225-250 units in FY26, expanding addressable market.
Dealer Count
60+
Stable
Dealer network maintained at 60+, with plans to add more in coming months.
Cash Balance
₹810 crore
N/A
Strong cash position of ₹810 crore provides financial flexibility for growth.
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Guidance and risk preview
Management expects to recover most cost increases through price hikes by Q1 FY27, with no major commodity surprises anticipated.
Contractors in Maharashtra, Karnataka, Telangana, Rajasthan, and MP face delayed payments from state governments, impacting machine purchases.
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